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Hecla Mining Company 2016 Annual Report

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Hecla Mining Company 2016 Annual Report A STRATEGY THAT WORKS 2016 Annual Report 299 million ounces of silver reserves added over the past 10 years alone. Record production three years straight. Strong financial and share performance leading to increased value on a per-share basis. And a clear road map for further value and growth creation. Greens Creek Lucky Friday 40% of consolidated revenue 15% of consolidated revenue 26% zinc 15% zinc 46%4 silver 53%5 silver 32% lead 9% lead 19% gold Casa Berardi San Sebastian 27% of consolidated revenue 18% of consolidated revenue 0.3%0 silver 664% silver 36% gold 99.7% gold Greens Creek Admiralty Island, Alaska Kinskuch Alice Arm, BC Rock Creek Opinaca / Wildcat Noxon, Montana James Bay, Quebec Montanore Vancouver, BC Libby, Montana Casa Berardi Val d’Or, Quebec Coeur d’Alene, Idaho Val d’Or, Quebec Lucky Friday Fayolle Silver Valley Mullan, Idaho Val d’Or, Quebec Heva–Hosco Wallace, Idaho Val d’Or, Quebec Monte Cristo Esmeralda County, Nevada San Juan Silver Creede, Colorado San Sebastian operating mine Durango, Mexico pre-development project exploration project corporate office Financial Highlights (Dollars in thousands except in per-share and per-ounce amounts / as of December 31) FINANCIAL DATA 2016 2015 Sales of products $ 645,957 $ 443,567 Gross profit 191,506 38,511 Cash flow provided by operating activities 225,328 106,445 Net income (loss) 69,547 (86,968) Net income (loss) applicable to common shareholders 68,995 (87,520) Basic income (loss) per common share 0.18 (0.23) Cash, cash equivalents and short-term investments 198,894 155,209 Capital expenditures 158,000 140,600 YEAR-END DATA Common shares outstanding (in thousands) 395,287 378,113 Weighted average number of shares outstanding for the year – basic (in thousands) 386,416 373,954 Employees 1,396 1,404 OPERATIONAL DATA Silver production (oz) 17,177,317 11,591,603 Gold production (oz) 233,929 189,327 Lead production (tons) 42,472 39,965 Zinc production (tons) 68,516 70,073 Cost of sales and other direct production costs and depreciation, depletion and amortization $ 454,451 $ 405,056 All-in sustaining cost, after by-product credits, per silver ounce (1) $ 11.68 $ — Cash cost, after by-product credits, per silver ounce (2) $ 3.10 $ 5.85 Cash cost, after by-product credits, per gold ounce (2) $ 764 $ 772 Silver Production Silver Reserve Growth Average Silver Price (millions oz.) (millions oz.) (3) (per oz.) 4.6 4.3 $ 31.15 4.2 4.0 172 $ 23.79 237% $ 19.08 $ 17.10 $ 15.70 51 Q1 / 16 Q2 / 16 Q3 / 16 Q4 / 16 2007 2016 2012 2013 2014 2015 2016 Numbers may not add up to total production due to rounding. Gold Production Gold Reserve Growth Average Gold Price (thousands oz.) (millions oz.) (3,4) (per oz.) $ 1,669 63.0 63.2 2.0 55.7 $ 1,410 52.1 $ 1,266 $ 1,248 233% $ 1,160 0.6 Q1 / 16Q2 / 16 Q3 / 16 Q4 / 16 2007 2016 2012 2013 2014 2015 2016 Numbers may not add up to total production due to rounding. (1) All in sustaining cost (AISC), after by-product credits, represents a non-U.S. generally accepted accounting principles (GAAP) measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization, the closest GAAP measurement, can be found at the end of this report. AISC, after by-product credits, includes cost of sales and other direct production costs, expenses for reclamation and exploration at the mines sites, and all site sustaining capital costs. AISC, after by- product credits, for our consolidated silver properties includes corporate general and administrative expense, and corporate exploration related to sustaining operations. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits. 2016 is the first year this non-GAAP measurement has been reported. (2) Cash costs, after by-product credits, per silver and gold ounce represent a non-U.S. generally accepted accounting principles (GAAP) measurement. A reconciliation of cash costs, after by-products credits per ounce, to cost of sales and other direct production costs and depreciation, depletion, and amortization (the most comparable GAAP measure) can be found in the Reconciliation of Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) to Cost of Sales and Other Direct Production Costs and Depreciation, Depletion, and Amortization (GAAP) section in the company’s Form 10-K. (3) Proven & Probable Reserves. For complete reserve and resource information, please refer to the Estimated Mineral Reserves and Resources section at the end of this report. (4) On June 1, 2013, we completed the acquisition of Aurizon Mines Ltd., which gave us 100% ownership of the Casa Berardi mine in Quebec, Canada. HL / 1 “Our success in 2016 was a result of decisions taken over the past several years to invest in our business. We generated organic growth at a time when most of our peers were cutting their business and selling assets. Our outperformance speaks to the success of our strategy.” Phillips S. Baker, Jr. President and Chief Executive Officer DEAR FELLOW SHAREHOLDER, In February, the Society for Mining, Metallurgy & Exploration We began 2016 with a celebration of Hecla’s 125 years in business, a presented Mr. Baker with the 2016 William Lawrence milestone that is particularly significant for a mining company. We Saunders Gold Medal for his “significant contributions to ended the year strongly with the most silver production and the highest the mining industry” and Clayr Alexander, General Manager revenue in our company’s history. The 17.2 million ounces of silver and of Lucky Friday, with the M&E Division Miner of the Year Award for his “leadership in underground mining.” In the 46 million silver equivalent ounces we produced marked our third September, Mr. Baker will assume the role of Chairman of consecutive year of record-breaking production. Both the share price the Board of the National Mining Association. and operating cash flow were up by triple digits – 177% and 112%, respectively – significantly outperforming the majority of our peers. In addition, cost of sales, cash costs, after by-product credits, and debt metrics improved while liquidity, net income, and adjusted EBITDA increased. These extraordinary achievements are a direct result of our strategy of investing in our mines. Through the recent down cycle, we continued to build our production capacity with the successful startup of San Sebastian, the development of the open pit at Casa Berardi, and the construction of the #4 Shaft at the Lucky Friday – which is now operational. The performance of these investments, plus the ongoing strong performance of Greens Creek, enabled Hecla to generate substantial cash flows this year. And we expect to continue to do so well into the future. A STRATEGY THAT WORKS At the heart of our strategy is long-lived, low-cost mines. Our focus has been on acquiring assets with the ability to be long-lived, then HL / 2 2015 vs 2016 22.1 21.7 million oz million oz Silver Equivalent Production* $ $ 132.1 97.2 million million Cash Provided by OOperatingi AActivitiesiii Greens Creek Mine 10 Alaska, USA years Consistent, Low-Cost Production. Greens Creek produced 9.3 million ounces of silver in 2016, the Mine Life highest silver production since Hecla acquired 100% of the project in 2008. This increase was driven by higher grade and an increase in recovery. A focus on innovation has led to many improvements, including increasing average silver recovery by 8% – adding an 226.6 223.6 million oz million oz additional $100 million in value. The mine generated over $85 million of cash provided by operating activities less capital expenditures in 2016, and over $1.2 billion Reserves (Silver Equivalent)* since the mine began operations in 1989. *Calculated using average metal prices. investing in high-return projects to further extend the mine life and predictability of cash flows – so we can better run our business. lower operating costs. This strategy has enabled us to thrive throughout Second is our committed and talented workforce. Many employees the metals price cycle. have been with the company for decades, and they’re some of the best in Mining in the twenty-first century involves operating complex the industry at what they do. At all levels, they’re working together to systems in a changing regulatory environment. It’s more expensive these make our mines more efficient, more productive, and – most important days to start projects; it’s more expensive to shut them down, a solid – safer for everyone. rationale for having longer-lived assets. When I got into this business, it Third is financial discipline. During my tenure as President and was generally thought that a mine life of seven to eight years was CEO, we’ve issued equity in a major way only three times: 2003, enough. Now we’re looking at decades. With our latest acquisitions – 2008/2009, and 2013 – the latter two in the context of acquiring new Rock Creek and Montanore – we see the potential for 30 years or more assets. Over the past several years we have seen our production and of mine life. And our investment in the #4 Shaft at Lucky Friday reserves per share increase more than the majority of our peers. potentially extends the life of that mine 20-30 more years. Combined with our low-cost growth, this disciplined approach has Building around the core pillar of long-lived, low-cost mines are the created significant shareholder value. four elements of our strategy.
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